ITAT Kolkata Allows LTCG Claim for Lack of Specific Evidence

Raj Kumar Kabra Vs ITO (ITAT Kolkata)

Summery: The ITAT Kolkata allowed Raj Kumar Kabra’s appeal against the CIT(A)’s order, which had upheld the Assessing Officer’s (AO) decision to reject the assessee’s claim of long-term capital gains (LTCG) from the sale of shares of M/s. Unno Industries Ltd. The AO had concluded that the LTCG was bogus based on a general investigation report and common practices observed in similar cases, adding the entire sale proceeds to the assessee’s income and denying the exemption under sect

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